Gold Futures (GC1!) H1 | Falling to a pullback support
Type:
Bearish Reversal
Key Levels:
Resistance: 2972.9
Pivot: 2960.4
Support: 2944.4
Preferred Case:
Looking at the H1 chart, the price is currently testing the pivot and could fall toward the 1st Support at 2944.4
Alternative Scenario:
Price may break above the Pivot at 2960.4 and rise toward the 1st resistance at 2972.9 which aligns with the 127.2% Fibonacci extension
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.